Financing for First Time Homebuyers
If you’re a first-time home-buyer, don’t listen to all those rumors that say you must have a squeaky-clean credit record and need to make an exorbitant down payment before you can buy your own home. Today’s lenders are more financially-friendly to first time home buyers. These days, it’s now normal to make a 10% down payment and a credit score of at least 700. Of course lenders want to make sure that buyers don’t overextend themselves, so they will still be strict when examining your proof of income. And while it still helps to have a decent credit record, there are now agencies like the Federal Housing Administration that gives spotty credit holders a second chance.